The Future of [FOR MILLENNIALS}] Luxury
The Future of[FOR MILLENNIALS}}}}}}]
Luxury
The Perception of luxury has changed for millenials. Millennials are redefining what makes products and services luxurious.
HYPOTHESIS
Past meanings of luxury have become exitnct.
The perception of luxury for previous generations played on codes such as expensiveness, excess, priveledge, and status.
forces at work
economic changes technology media dilution
Millennials are suffering the most from economic changes
Students protesting at Occupy Wall St.11% of Millennials have boomeranged back to their parents house after graduating from college because of the recession (Pew Study 2010)
Increase in technology has created an expectation economy
41% of Millennials have made a purchase using their smartphone
10 median number of brands that Facebook users ages 18-34 have ‘Liked’ (eMarketer via Wedbush Securities study 2010)
24% of Millennials say that ‘Technology use’ is what most makes their generation unique, the #1 answer (Pew Research 2010)
Increased access to mass media has lead to media dilution
32% of Millennials say they don’t like advertising in general, compared to 37% of the general population (Experian Simmons Study)
concious consumption
millennials are searching for products with depth and meaning
A 2012 Nielsen report showed that nearly two-thirds of consumers say they prefer to buy from companies that have implemented programs that give back to society.
La Columbe Coffee usescompany ethics as a main selling point
Examples Products that give back and eco-friendly products
Care transparency Guilt
Eco-friendly luxury hotels are becoming popular all around the world
Customization millennials are questioning what makes a product specialthey want products no one else has
The Burberry bespoke program allows consumers to create their own trench
Examples Bespoke products and handcrafted products
Individuality exclusivity choice
Levi’s Tailor Shop allows consumers to customize their own denim
My DNA fragrance incorpo-rates customerss actual DNA and is packaged in custom crafted glass blown bottles
TIME SHARING
Millennials are interested in enjoying luxuries without commitment
Rent the Runway provides accesible luxury
Examples Companies that allow all consumers to experience luxury on a bugdet
Accesibility convinience Practicality
Artsicle lets customersborrow fine art to feature in their homes
Bag Borrow or Steal lets customers rent luxury bags
Preconsumption Millennials want to be in-the-know, they want the newest products and they want them first
Louis Vuitton sends exclusive invitations to customers for their collection prelaunch
Examples Pre-launched products and co-creation
FIRSTISM newism connection involvement
MUUSE post designs from emerging designers for consumers to vote on. Winning designs become available as limited editions on the website
SubCULTRE RECESSIONISTAS
Recessionistas use careful consideration when purchasing products. However, they still want to feel fabulous. They look for products that offer value. They don’t want the most for the money they want the best.
Insights
For millennials, expensiveness no longer implies luxury
Luxuries are more accessible than ever so millennials are searching for products that are speacial
Millennials are experiencing luxury in new, interesting ways
Millennials are looking for fullfillment in their product choices, luxury is about feeling about yourself and your consumptions
The future of luxury will be about intimacy and the connection the consumer has with the product
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client profile
Heineken was started in 1873 and first brewed by Gerard Heineken in Zoeterwoude in the Netherlands. Today Heineken sells all over the world. Heineken today produces Heineken, Heineken Light, New Castle Brown Ale, Amstel Light, Dose Equis, Tecate, and Tecate Light. Heineken prides themselves in superior employee training programs to guarantee exceptional products and customer service.
Heineken
ClientRecommendations
It is important for Heineken to create a connection with their customer.
They can do this through things like comuinicating their story on packaging, and having pop up bars.
Heineken could create an extension line directed towards creating intimate drinking experiences and feature a prelaunch event for their new product.